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College and University Discussion
Reply to "Are we suckers for diligently saving in our kids' 529s?"
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[quote=Anonymous][quote]Also, if my child becomes ill suddenly or disabled or injured and can't go to college, no matter how bright they were through school, it doesn't make sense to have that $200k just for college when we could use it for medical care and care for that child. [/quote] There are exceptions to the 10% penalty. One is disability of your child. Look it up. Also, you do have access to that money for other things; you just have to take the penalty (which is not enormous---it's only on the earnings and only 10%). Personally, I was more worried about paying for my child's education than about needing money for medical care. We have pretty good health insurance. Also, I would say that the 529 is probably not for people who are not funding their retirement accounts first. We were able to do both. So I guess we are fortunate. It has definitely made a difference for our son. He has no loans. [/quote]
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